Last Update 10:7
Sunday, 21 April 2019

Egypt's foreign reserves rise to $24.2 bln in December 2016: CBE

Ahram Online , Thursday 5 Jan 2017
The Central Bank of Egypt (Photo: Ahram)
Views: 3700
Views: 3700

The Central Bank of Egypt (CBE) said on Thursday that the country's foreign reserves reached $24.2 billion by the end of December 2016, up from $23 billion the month before, the bank's website shows.

The head of the CBE had repeatedly said that the bank aimed to increase the country's foreign reserves to $25 billion by end of 2016.

The country's foreign currency reserves stood at around $16.5 billion in January 2016.

In late December, the World Bank's Board of Executive Directors approved the release of the second USD 1 billion tranche of a $3 billion loan package to support Egypt’s economic reform programme.

The second tranche, worth $500 million, of a $1.5 billion loan package from the African Development Bank was also received last month, according to the Ministry of International Cooperation.

In November, the CBE received an initial $2.75 billion from the International Monetary Fund as part of a $12 billion loan. 

On 3 November 2016, Egypt's Central Bank decided to freely float the pound and raise key interest rates to alleviate a dollar shortage in the country.

Egypt's foreign reserves registered $36 billion before a popular uprising toppled former president Hosni Mubarak in January 2011, leading to a period of political turbulence which undermined Egypt's vital sources of foreign currency such as tourism and foreign investment.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.